This policy outlines the approval necessary for entering Actual journal entries for Student Affairs staff. This policy does not apply to Budget journal entries; only the Associate Director of Finance and Executive Director of Finance, Student Affairs may enter journals involving RBUDGET. Deposit journal entries do not need preapproval. For purposes of this policy, the dollar limits refer to the total base debits or credits rather than the net.
1. Journal entries less than $20,000 entered by certain staff
With the exception of entries greater than or equal to $20,000, journal entries to include assets and liabilities can be prepared without preapproval by the following staff:
- Sharon Henderson – RLSH Accountant
- Patty Wilson – Dedman Center Accountant
2. Journal entries less than $5,000
Any journal entry of $5,000 or less not including balance sheet accounts (accounts that begin with a 1XXX [assets] or 2XXX [liabilities]) can be prepared without preapproval by the following Journal Entry Preparers:
- Lydia Dale
- Allison Rhodes
- Brent Lemons
- Katie Lewis
- Carol Porter
- Valerie Little
- Mary Skidmore‐Gibbs
- Lori Krone
- Betty McHone
- Michael Hogan
- Tracy Veliz
- Michael Hogan
Any other Student Affairs Journal Entry Preparer must obtain preapproval for entries less than $5,000.
3. Journal entries greater than or equal to $5,000 but less than $20,000
All Student Affairs Journal Entry Preparers may enter journal entries greater than or equal to $5,000 but less than $20,000 with the preapproval of the Executive Director of Finance, Associate Director of Finance, RLSH Accountant, or Dedman Center Accountant.
4. Journal entries greater than or equal to $20,000
Any journal entries greater than or equal to $20,000 must be preapproved by the Executive Director of Finance or Associate Director of Finance, Student Affairs. This preapproval should be obtained via e‐mail prior to initiating the journal entry.
5. Journal Entries Involving Assets and Liabilities
All entries involving asset and liability accounts (accounts that begin with a 1XXX [assets] or 2XXX [liabilities]) must be preapproved by the Associate Director of Finance or Executive Director of Finance, Student Affairs with the exception mentioned in paragraph 1 above.
A copy of all approval e‐mails must be attached to the hardcopy of the corresponding journal entry and must be maintained by the person making the entry until the end of the fiscal year in which the entry was made. At the end of each fiscal year the journal entry copies and preapprovals must be maintained in accordance with SMU record retention policies and procedures by the journal entry preparer. When a Journal Entry Preparer leaves the University, the records must be maintained by the Student Affairs Executive Director with signature authority over the respective account.
Any questions about the policy or any disputes regarding the approval of entries should be forwarded to the Associate Director of Finance, Student Affairs.
[Last Revision: 09/01/2012]